Method Variance

Merchant – A business unit that buys, take title to and resells merchandise.

Merchant Middleman – A middleman who buys the goods outright and takes title to them.

Merchant Wholesalers – The wholesalers who take title to the products they sell.

Mere Exposure Effect – The repeated exposure to an object resulting in a more positive attitude toward the object; the mere exposure to the object is believed to produce the more positive attitude.

Merger – The joining together of two or more independent business organization into a single entity.

Message Argument – A statement of the customer benefit and the specific product performance characteristic that delivers the benefit.

Method Variance – The variation in scores attributable to the method of data collection.

Metropolitan Statistical Area (MSA) – A freestanding metropolitan area surrounded by nonmetropolitan countries including a large central city or urbanized area of 50,000 or more people.

Microenvironment – The set of forces close to an organization that have direct impact on its ability to serve its customers. The microenvironment includes channel member organizations, competitors, customer markets, public, and capabilities of the organization itself.

Micromarketing – The study of market activities of an organization.

Middle Income Countries – Countries whose income per capita falls between the highest and the lowest group.

Middlemen – 1. (retailing definition) A business concern that specializes in performing operations or rendering services directly involved in the purchase and/or sale of goods in the process of their flow from producer to consumer. 2. (channels of distribution definition) An independent business concern that operates as a link between producers and ultimate consumers or industrial users. There are at least two levels of middlemen: wholesalers and retailers.

Military Buying – The purchase of goods and services by the Defense Department largely through the defense Logistics Agency, the General Services Administration, and the three military departments: Army, Navy, and Airforce.

Minimum and Maximum System of Stock Control – A system whereby for each item of staple merchandise carried, a minimum quantity of inventory is established which, when reached, indicates a need to reorder. Maximum stock consists of the minimum and predetermined reorder quantity.

Minimum Charge – In most transportation tariffs, the minimum charge is the lowest price at which a carrier will accept a shipment for delivery. A minimum charge reflects the fixed cost component of the transportation carrier’s cost of doing business and is often used as an incentive to encourage the shipper to consolidate multiple shipments.

Minimum Order – The smallest unit of sales permitted by a manufacturer or wholesaler. It may be expressed in units, as a dollar amount, or, some times, as a weight.

Misredemption – The improper claiming of price savings, premiums, prizes, or other sales promotion rewards by not following the stated rules, after the specified time period, or by persons not eligible for the incentive.

Mission Statement – An expression of a company’s history, managerial preferences, environmental concerns, available resources, and distinctive competencies to serve selected public. It is used to guide the company’s decision making and strategic planning.

Missionary Salesperson – A salesperson who is employed by a manufacturer to call on end-users with the objective of stimulating demand for the manufacturer’s offerings even though the purchases will be made from other firms in the channel of distribution.

Mixed Bundling – The practice of offering for sale two or more products or services either at individual prices or for the one single price. The single price for the “bundle” is usually less than the sum of the individual prices.

Mixed-use Development (MXD) – The shopping centers that have various types of non-retail uses such as office, towers, hotels, residential complexes, civic centers, and convention complexes on top of or attached to shopping area.

Model Stock Approach to Space Allocation – A method of determining space allocation for departments in a retail store. It is based upon an analysis of an ideal stock necessary to achieve projected sales volume,of how much stock should be displayed versus how much should be kept in reserve space, of how much physical space will be required to display the merchandise, and of how much physical space will be needed for any service requirements.

Model Stock List – An assortment of fashion merchandise indicating in very general terms (product lines, colors, and size distribution) what should be carried in a particular merchandise category.

Model Stock Plan – An outline of the composition of an ideal stock in terms of general characteristic or assortment factors, usually with optimum quantities indicated in an amount that reflects balance in relation to expected sales.

Model System – The part of a decision support system that includes all the routines that allow the user to manipulate the data so as to conduct the kind of analysis the individual desires.

Monetary Policy – The pursuit of a course of action by a government acting through its central bank to control money and credit.

Money Income – 1. (environments definition) The income received by an individual exclusive of certain items such as capital gains, social security and the like. It does not include non-cash benefits. 2. (economic definition) Income before the deduction of income taxes and social security taxes. non-cash benefits are excluded.

Monopolistic Competition – 1. A market situation where many sellers, each with a relatively small market share and with slightly differentiated products, compete for consumer patronage. 2. A market situation where many sellers compete, often emphasizing marketing variables other than price. The term originated with Harvard economist Edward Chamberlain in 1930’s.

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